Objectives of Demand Forecasting
Posted by Ripon Abu Hasnat on Monday, November 17, 2014 | 0 comments
There
are two types of Objectives these are:
A. Short Term Objectives
1. To help in preparing
suitable sales and production policies.
2. To help in ensuring a
regular supply of raw materials.
3. To reduce the cost of
purchase and avoid unnecessary purchase.
4. To ensure best
utilization of machines.
5. To make arrangements for
skilled and unskilled workers so that suitable labor force may be maintained.
6. To help in the
determination of a suitable price policy.
7. To determine financial
requirements.
8. To determine separate
sales targets for all the sales territories.
9. To eliminate the problem
of under or over production.
B. Long term Objectives
1. To plan long term
production.
2. To plan plant capacity.
3. To estimate the
requirements of workers for long period and make arrangements.
4. To determine an appropriate
dividend policy.
5. To help the proper
capital budgeting.
6. To plan long term
financial requirements.
7. To forecast the future
problems of material supplies and energy crisis.
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